Profit warnings issued by listed companies in the North fell by almost 70% during the second quarter of 2021 compared to the same period last year, according to new figures.
The latest EY-Parthenon report shows that only eight warnings were made during the period, a 69% reduction.
In the UK, just 32 profit warnings were issued, the lowest quarterly total EY has recorded in over 22 years of profit warnings analysis.
A quarter of these were issued by listed businesses in the North, which includes the North East, North West and Yorkshire.
They recorded the highest number of profit warnings per region, ahead of London (seven) and the Midlands (five).
In just over 12 months, the EY-Parthenon Profit Warnings report recorded both the lowest and highest quarters of warnings since analysis began at the turn of the Millennium.
The second quarter’s record low is in contrast to the record high of 301 in Q1 2020 and the second highest ever total of 165 in Q2 2020.
EY recorded similar dips in 2002/3 and 2009 after 9/11 and the global financial crash, respectively.
Sam Woodward, EY Parthenon UK&I turnaround and restructuring leader in the North West, said: “Whilst it’s encouraging to see that profit warnings across the North remain at a historic low – a continuation of what we saw at the start of the year – these latest figures reflect the current situation of listed businesses across the UK.
"The economy is shifting – the reset button has been pressed - and boards are now beginning to emerge with a post-pandemic mindset.
“The number of profit warnings issued by North-based listed businesses is marginally higher than it was in Q1 2021, when seven profit warnings were issued by businesses across the region.
"Although this continuing low number is an encouraging sign, businesses face challenging times as they look to emerge from the global pandemic and develop fresh strategies that focus on resilience and making the most of new opportunities and potential for growth."
